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preliminary title report an examination of the public land records to determine the extent to which someone has legal interest in a parcel; a report on the quality of the title that searches for encumbrances and liens or any other items of record that might affect ownership standard policy a policy of title insurance covering only matters of record escrow the deposit of funds or documents with a neutral third party who is instructed to carry out the provisions of an agreement constructive notice public notice given by recording a document with the county recorder bequest a gift of personal property by will (see legacy) quitclaim deed transfers any interest the grantor may have at the time the deed is signed, with no warranties of clear title grantee the person receiving the property or to whom it is conveyed grantor the person conveying, or transferring, the property after acquired title any benefit that come to a property after a sale must follow the sale and accrue to the new owner escrow instructions written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directs the escrow agent in how to proceed escrow holder an independent third party legally bound to carry out the written provisions of an escrow agreement; sometimes called an escrow agent; a neutral, bonded third party who is a dual agent for the principals marketable title good or clear salable title reasonably free from risk of litigation over possible defects CLTA california land title association execution completion of an act or process principal someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller california land title association a trade organization of the title companies of the state ALTA american land title association proration the division and distribution of expenses and or income between the buyer and seller of property as of the date of closing or settlement sheriff's deed a deed given to sa buyer when property is sold through court action in order to satisfy a judgement for money or foreclosure of a mortgage public grant the transfer of title by the government to a private individual warranty deed a deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer ir; no longer used in california chain of title a chronological history of property's ownership love and affection a consideration used in a gift deed beneficiary statement a statement of the unpaid balance of a loan and the condition of the debt gift deed used to make a gift of property to a grantee who is usually a close friend or relative consideration anything of value; one of the essentials of a valid contract title plant the storage facility of a title company which holds and stores the complete title records of properties in its area title insurance an insurance policy that protects the insured against loss or damage due to defects in the property's title extended policy an extended title insurance policy abstractor a person who searches out anything affecting the title to real property and summarizes the information in the findings ALTA policy american land title association policy of extended title insurance; can be purchased by lender or buyer acknowledgment a signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will actual notice notice given by possession of property abstract of title a full summary of all constructive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate title evidence of ownership of land closing the act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid red flag something that would warn a reasonably observant person of a potential problem, thus requiring further investigation settlement statement a complete breakdown of all cash received, all charges and credits made, and all costs in volved in the transaction will a written instrument by which a person makes a disposition of his or her property to take effect after his or her death executor/executrix a person named in the will to handle the affairs of a deceased person witnessed will one prepared by an attorney, that is typed and signed by the maker and 2 witnesses administrator/administratrix a person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will holographic will written in the maker's own handwriting, dated, and signed by the maker testator/testatrix a person who has made a will intestate dying without leaving a will legacy a gift of personal property by will (see bequest) devise a gift of real property bu will codicil a change in a will before the maker's death